19 Feb 2015
Gold upside move towards $1225 likely – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Dhwani Mehta, notes technicals suggest that XAU/USD bullish move towards 1225 is likely on a break above the daily highs at 1217.69.
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) tested the USD 1200 - psychological levels as anticipated and broke below 1200 mark to fresh monthly lows at 1197.65 before the release of FOMC minutes.”
“The pair-bounced-off lows and finished higher on Wednesday at 1213.22 after FOMC minutes showed that the Fed maintained its patient approach on the rate-hike timing.”
“Gold in USD currently trades at 1216 levels, failing to sustain above 100-DMA located at 1216.45 levels, having posted day’s high at 1217.69 levels.”
“The pair is likely to remain supported on a broad based US dollar weakness and may test 10-DMA levels located 1225 levels on a break above daily highs.”
“The daily RSI at 41.05 has inched up and seems to be on its way towards the bullish zone, indicated underlying strength in the pair.”
“To the downside, the pair may fall to test daily lows and a break below that may drag the pair lower to immediate supported placed at 1207 levels.”
“Overall, the pair is expected trade upside on a broad based recovery after dipped to below 1200 levels in the previous session.”
Key Quotes
“Gold prices in terms of US dollar (XAU/USD) tested the USD 1200 - psychological levels as anticipated and broke below 1200 mark to fresh monthly lows at 1197.65 before the release of FOMC minutes.”
“The pair-bounced-off lows and finished higher on Wednesday at 1213.22 after FOMC minutes showed that the Fed maintained its patient approach on the rate-hike timing.”
“Gold in USD currently trades at 1216 levels, failing to sustain above 100-DMA located at 1216.45 levels, having posted day’s high at 1217.69 levels.”
“The pair is likely to remain supported on a broad based US dollar weakness and may test 10-DMA levels located 1225 levels on a break above daily highs.”
“The daily RSI at 41.05 has inched up and seems to be on its way towards the bullish zone, indicated underlying strength in the pair.”
“To the downside, the pair may fall to test daily lows and a break below that may drag the pair lower to immediate supported placed at 1207 levels.”
“Overall, the pair is expected trade upside on a broad based recovery after dipped to below 1200 levels in the previous session.”